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Unfortunately for you a broker's commission is not determined by post customer care…that is until you refinance!
My suggestion is that you find a broker that will assist with your loan enquiries, but also provides a personal introduction to a senior person in a local branch. For example we wrote a lot of ST George Portfolio Loans and had a branch manager that we would organise to look after all of our clients post settlement requirements e.g. limit transfers, payment redirections etc. If the branch service failed the client would always contact us and we would deal with the branch.
Find a broker that has the same model, who looks after their clients post settlement and you could be on to a winner.
Trentc
Have you asked the lender the process for diputing the valuation? Some lenders then have a seperate policy…where you sign a form acknowledging that you will not contact the valuer etc and then the will release it.
Another avenue is via your broker who can often access the report via their Business Development Manager.
Trentc
The Global Limit is the total limit of your borrowings. Say you have 4 "sub accounts / accounts" each with a limit of 25k your global limit is 100k. You can the adjust the limit of each sub account at anytime to fit with your requirements.
Financial planners are fond of the product as they can arrange for their client to grant electronic access to view their accounts when considering strategies etc.
Considering their funding arrangements I agree that there are other options to consider.I just wanted to add that there may be no reason to break your existing fixed loan. If you have the equity and servicing is ok simply apply for a new loan for 40k, using the same security. If you have a MAV or Wealth Package with CBA then application fee and no ongoing account keeping fees. Hopefully your broker will explore this option first.
Trent CI am a mortgage broker. If you want to chat call me on 0424 509 921. This story is the reason I joined the site….I want to keep up with information provided by lenders, brokers etc.
Regards
TrentThis seems to me to be a 100% offset account (available from most lenders) at a higher interest rate and for an application fee more than 10 times charged by most lenders. Did she explain how long it would take just to save the application fee in interest?
It is also interesting that they have no testimonials on their site!
I would also check where their funds come from…I would expect that they are simply a mortgage broker with a lender sitting behind them and that they also earn commission from the interest rate loading. The person should have explained their commission structure, where the funds come from etc.
